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Blog Posts in November, 2008

Santa Delivers Temporary Foreclosure Reprieve For The Holidays

Posted By admin || 25-Nov-2008

Fannie Mae and Freddie Mac announced that they are suspending foreclosures for nearly 16,000 households during the holiday season. Homeowners who have mortgages with Fannie Mae or Freddie Mac and are facing foreclosure can expect a short reprieve between make November 26 and January 9, while the two mortgage companies evaluate whether borrowers facing foreclosure qualify for their new loan ...

Can Bankruptcy Stop Evictions?

Posted By admin || 25-Nov-2008

Before the Bankruptcy Abuse Prevention Consumer Protection Act on October 17, 2005, renters facing eviction could file bankruptcy to buy a little more time and try to work things out with their landlord. But now bankruptcy protection from eviction is extremely limited and expensive. If a tenant has lost an eviction hearing and has a "judgment for possession" and wants to use bankruptcy to buy some ...

Chapter 7 Means Test - Income

Posted By admin || 24-Nov-2008

In Dallas-Fort Worth Texas a debtor filing for Chapter 7 bankruptcy may have to take a means test which looks at the debtor's average income over the 6 month period preceding the month of bankruptcy filing. In Texas, a single debtor filing for Chapter 7 bankruptcy must not make more than $3,093 per month or $18,560 over the past six months before filing for bankruptcy if he/she wants to avoid ...

Chapter 13 Bankruptcy - Means Test

Posted By admin || 24-Nov-2008

If you're a debtor filing for Chapter 13 bankruptcy you will be required to take a means test to determine if there is enough disposable income to fund a Chapter 13 bankruptcy. During Chapter 13 bankruptcy, a debtor will be required to fill out a B22 form which will generate a budget, with expense categories -- housing, food, clothing, transportation etc. Each expense category is given a dollar ...

Don't Avoid Considering Bankruptcy Until You Have No Other Choice

Posted By admin || 24-Nov-2008

Unfortunately because of the stigma still attached to filing for Chapter 7 or Chapter 13 bankruptcy many people put off taking an honest look at the financial circumstances until it is too late. Many debtors who are good candidates for a Chapter 13 bankruptcy wait as much as 5 years before sitting with a bankruptcy attorney and discussing their options. The reason? They want to avoid bankruptcy; ...

Another Bail Out - Not For Homeowners

Posted By admin || 24-Nov-2008

Dallas-Fort Worth is among several North Texas cities and counties that will get a slice of the $30.3 million from Congress' Housing and Economic Recovery Act. The money will allow Dallas-Fort Worth to purchase and refurbish foreclosed homes and protect home values in declining neighborhoods that have faced massive numbers of foreclosures. The money will also be used to provide down payment ...

The Death Of A Spouse During Bankruptcy

Posted By admin || 21-Nov-2008

Death Of A Spouse While in Bankruptcy During a Chapter 7 Bankruptcy During a married couple's joint bankruptcy, there's always the possibility that a spouse may become incapacitated or die. The bankruptcy law states that if a debtor is incapacitated or dies, the bankruptcy case does not automatically end. If it is a Chapter 7 bankruptcy and the deceased or incapacitated spouse has not yet attended ...

Can Creditors Seize My Kid's Bank Account?

Posted By admin || 20-Nov-2008

Many debtors filing for Chapter 7 or Chapter 13 bankruptcy may have bank accounts open for their children and want to know if a creditor can seize the money in those accounts during a bankruptcy. Well, the answer is no, a child's bank account cannot become the property of the bankruptcy estate. But that is only true if the child's bank account was setup properly. If the account was not setup ...

What If I Can't Afford The Bankruptcy Filing Fee?

Posted By admin || 20-Nov-2008

When filing for chapter 7 bankruptcy, many debtors find that money is so limited that they cannot afford the bankruptcy filing fee. If a debtor filing for Chapter 7 bankruptcy is in this situation, he/she may be able to have the bankruptcy filing fee waived. A provision of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) allows the bankruptcy court to waive the bankruptcy ...

What To Expect - Bankruptcy Procedures For Waiving Filing Fee

Posted By admin || 20-Nov-2008

How to Waive Bankruptcy Filing Fee When a debtor applies for a bankruptcy filing fee waiver, the law states that the bankruptcy court must decide immediately if the waiver application will be approved. Once the decision is made, the information will be given to the United States trustee or bankruptcy administrator, the case trustee, the debtor, and the attorney for the debtor. If a bankruptcy ...

Bankruptcy For The Judgment Proof?

Posted By admin || 20-Nov-2008

Chapter 7 and Chapter 13 bankruptcy were designed to help families and individuals protect property, assets and money from seizure by creditors. Whether it's a home, bank account, a car needed to get to work or wages, bankruptcy is available to give an overwhelmed debtor a fresh start. But what if a debtor has no assets? No bank account, no job and no home? What if a debtor is, what is commonly ...

For Sole Proprietors - How To Protect Your Business When Filing For Bankruptcy

Posted By admin || 19-Nov-2008

It is important to note that all the assets of a sole proprietor and the assets of their businesses will be considered ONE when a debtor files for Chapter 13 or Chapter 7 bankruptcy. In other words, all of your business assets will become a part of the bankruptcy estate when filing for personal bankruptcy when your business is not incorporated. There are some obvious dangers in this type of setup ...

Partial Owner Of A Company And Personal Bankruptcy

Posted By admin || 19-Nov-2008

We've spoken earlier about individual owners of incorporated businesses and how the company is handled in a bankruptcy. Now let's take a look at what happens when a debtor filing for bankruptcy is a partial owner of an incorporated business. In bankruptcy, any stock owned by the debtor filing for bankruptcy comes under the jurisdiction of the bankruptcy trustee who can liquidate it to repay ...

I'm Bankrupt But My Business Is Doing Well...

Posted By admin || 19-Nov-2008

A common question amongst debtors filing for bankruptcy is, "can a bankruptcy trustee take my business if I file a Chapter 7 bankruptcy ?" Well the answer is, yes the bankruptcy trustee can take your business..."well maybe." Many business owners go through the trouble of incorporating their business because they want to protect themselves from liability if something goes wrong with the business. ...

Harold Norman Going Bankrupt

Posted By admin || 19-Nov-2008

After sixty years in business, Harold's Stores, Inc. filed for bankruptcy last Friday. Harold's which has been a household name for generations of Dallas-Fort Worth residents, opened its first Dallas area store in 1977; but has been experiencing financial difficulties since the 1990's. Last year, the company posted a $9.5 million loss on revenue of $82 million. As part of its bankruptcy, the ...

Auto Industry Grasp For Federal Aid

Posted By admin || 19-Nov-2008

Auto companies facing possible job losses and sinking profits, such as General Motors Corp., Ford Motor Co. and Chrysler LLC asked congress for as much as $25 billion in emergency loans from the financial industry bailout. Opponents of an auto industry bailout describe the automakers as dinosaurs who have failed to adapt to global changes unlike their foreign competitors. Opponents of any bailout ...

Self-Employed Debtors - BEWARE

Posted By admin || 14-Nov-2008

A recent bankruptcy case in the Seventh Circuit Court is a perfect example of what happens when self-employed debtors fail to properly track their expenses, report their income accurately and understand basic accounting. This basic knowledge is even more important when self-employed debtors are trying to file a Chapter 7 or Chapter 13 bankruptcy. In the case - Stamat, Nicholas and Penny; In the ...

No Loan Forgiveness For Credit Card Debtors

Posted By admin || 14-Nov-2008

Banks and consumer advocates failed to convince Federal bank regulators that a program designed to forgive huge portions of credit card debt was in the best interest of the economy. The Office of the Comptroller of the Currency rejected the proposal for a special program that would forgive as much as 40 percent of credit card debt held by consumers who don't qualify for existing repayment plans. ...

Posted By admin || 14-Nov-2008

Dallas-Fort Worth city officials plan to use $6.2 million in federal funds to help people buy foreclosed homes in areas that have been hit the hardest by the foreclosure crisis. The money will come from the U.S. Department of Housing and Urban Development's Neighborhood Stabilization Program, and will target areas with high rates of foreclosures and subprime mortgages, mainly outside Loop 820. ...

Fannie Mae And Freddie Mac Speed Up New Loan Process

Posted By admin || 14-Nov-2008

Fannie Mae and Freddie Mace are launching its most radical program ever December 15 th, in an effort to save hundreds of thousands of delinquent homeowners from foreclosure. The program will allow delinquent homeowners to renegotiate their loans facing foreclosure through an accelerated process. Fannie Mae and Freddie Mac own or guarantee nearly 31 million U.S. mortgages or 6 out of every 10 ...

Texas Attorney General Wants To Give More Time To Homeowners Facing Foreclosure

Posted By admin || 13-Nov-2008

Texas Attorney General Greg Abbott is proposing that mortgage loan servicers be required to give homeowners 45 days to fix a loan default before the home is put up for foreclosure auction. Currently the law only gives homeowners facing foreclosure 20 days to fix a loan default. But if Attorney Abbott's proposal is approved, mortgage lenders would have to prove that they made legitimate attempts ...

Pay More To Student Loan Creditors In Chapter 13 Bankruptcy

Posted By admin || 12-Nov-2008

For those debtors who cannot discharge their student loans in bankruptcy, it is important to pay as much as possible on the student loans while in Chapter 13 bankruptcy. One way a debtor can commit more of his/her income to repaying student loan debt while in Chapter 13 bankruptcy, is to repay the loans on their own instead of having the bankruptcy trustee pay on their behalf. A debtor can simply ...

Student Loan Debt - Dischargeable In Chapter 13 Bankruptcy?

Posted By admin || 12-Nov-2008

Anyone who has ever taken out a student loan is quite aware of the fact that student loan debt is next to impossible to discharge in bankruptcy unless the debtor can prove "undue hardship." But the 9 th Circuit Court ruled in October that student loan debt could be discharged through the confirmation of a Chapter 13 plan if the creditor is given notice of the plan and does not object, ( Espinosa ...

Hope For Homeowners Plan Not Much Help For Many Facing Foreclosure

Posted By admin || 11-Nov-2008

On October 1, 2008 the government launched Hope for Homeowners; but the program designed to help as many as 400,000 struggling borrowers facing foreclosure seems to have fizzled out. In the plan's first month fewer than 100 homeowners facing foreclosure applied to the program and now the Federal Housing Administration has pulled back its ambitions and projects that only about 13,300 homeowners ...

Texas Home Sales Plunge

Posted By admin || 11-Nov-2008

North Texas home sales fell 17 percent from October 2007, nudged down by job losses, the credit crisis and rising foreclosures. October's decline in home sales is one of the largest for 2008 and coincides with the foreclosure crisis. Only 5,500 previously owned homes were sold in North Texas last month according to the North Texas Real Estate Information System and Texas A&M University's Real ...